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Feasibility Estimated Low Bid Item Funding Source Construction Cost Construction Cost Sanitary Sewer Utility Sanitary Sewer $ 47,750.00 $ 55,351.81 Fund Water 274,774.00 188,130.81 Water Utility Fund Surface Water Surface Water 245,900.00 167,972.20 Management Utility Drainage Fund Street 311,528.00 311,911.88 PIR/Assessment TOTAL $879,952.00 $723,366.70 the street improvement construction cost; adding 37% overhead (detailed earlier in this memo) and then dividing by the total number of assessable units. There are 48 assessable units in the project. This calculation is shown in the following table: Item Calculation Result Half of Construction Cost $311,911.88/2 $155,955.94 Add 37% Overhead $155,955.94 x 1.37 $213,659.64 Divide by Assessable Units $213,659.64/48 $ 4,451.24 Assessment Roll The 2011 PMP involved reclaiming of the bituminous surface as is proposed with the 2013 PMP. In the 2011 project a seven year repayment period was used for the assessment. That same seven year period is proposed for the 2013 PMP project. Director of Finance and Administrative Services Sue Iverson indicated that the City is realizing about a 1.80% return on its investments and with 2.0% added to that return recommended an assessment interest rate of 3.80%. It is estimated that there are 48 assessable units in the project based on the Assessment Policy. There are several properties in the southern area of the project on Asbury Avenue and Ridgewood Road where the corporate border of Arden Hills/Roseville bisects the property. Some of these properties have previously been assessed for the previous street project in Roseville in 2008. One option for assessing these parcels would be a full 2013 PMP assessment minus the previous amount paid for the Roseville project. There is also the parcel at 3012 Asbury Avenue that is getting concrete curb and gutter across the remainder of the lot that the Roseville project did not construct. A method for dealing with this parcel may be to not give credit for the previous Roseville assessment of $784.82 to offset the cost of the concrete curb and gutter. The other unique parcel is the one in the Ridgewood Road cul-de-sac owned by the homeowners association. This is a lot of record and could have a house built on it so it is included in the assessment roll. The following table and the attached exhibits provide additional information about the total number of parcels and the unique ones described above. 34 Page of